Realty firms see jump in enquiries and purchases by Gulf-based NRIs

Covid-19-induced Job losses in West Asia, falling oil prices, and security of owning a house in one's native country are driving trend, say developers

Though real estate companies have been dealt a body blow by the nationwide lockdown, one segment of their market has witnessed a surprising uptick in enquiries and sales. Non-resident Indians (NRIs) based in West Asia are snapping up properties in India as they prepare to come back to the home country in the wake of the coronavirus pandemic.
 
Developers say several factors are driving the development: Falling oil prices, and the sense of security in owning a house in one’s home country amid job losses in countries in the Gulf Cooperation Council (GCC) in the wake the Covid-19 crisis.